Real Estate Market Update Forecast for 2024
We hope you've enjoyed the summer weather and sunshine!
The most common question we've gotten over the last several months is how's the market going to look moving forward. Here's some data and what we are expecting:
<3% of the housing markets are now in month-over-month declines and have only improved since Sept 2022 when 79% of housing markets were in decline.
With the concerns of rate increases, there is a subtle uptick in foreclosure filings however is insignificant to change the direction of the housing market:
We are likely to see one of the last rate hikes if not the last hike of the cycle this month:
And the markets are anticipating the first cuts by Mar 2024:
And Fed funds rate to be -1.50% lower by end of 2024:
Zillow has forecasted housing price growth for most major metros from April 2023 to April 2024:
TLDR:
The housing market is likely to appreciate over the next 12 months
Rates are likely to fall by Q1 of 2024, this inversely correlates to housing prices
Housing inventory and number of sales (SAAR) will continue to be lower